Trade Review: GBP/USD

Well, we had another disappointing trade last night as our downtrend hopes were quickly reversed during the euro and US trading sessions. There was slight whipsaw action as our short trade was triggered and then stopped out within the next hour or so. Just a quick note, we saw the US dollar weaken heavily as Bernanke’s testimony to the US Senate provided to be slightly less hawkish than in the past. It will be interesting to see what happens to the greenback if the Fed pauses or halts the interest rate hikes. On to the next trade…

Lot 1: -30 pips

Lot 2: -30 pips

Total: -60 pips

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About Pipcrawler

Every day, I try to find what I believe is the best looking short term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency charts and trade on your very own. To help you understand my trading approach, please read about my trading framework.

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